Singapore—just like any modern country that welcomes foreign entrepreneurs—has particular requirements that you must follow to register your company. It pays to do some research and work with a reputable Singapore company registration specialist that is based there to ensure that you can fulfil all the requirements and successfully register your business in the country. Most entrepreneurs opt for a private limited liability company, which is a separate legal entity that provides shareholders debt protection beyond the overall capital they can contribute. Anyone over the age the 18 can register a company in Singapore as long as they follow these guidelines:
The Guidelines for Registered Filing Agents (RFA) were first issued by ACRA on 8 Jun 2015 to help RFAs fulfil their obligations under the enhanced regulatory regime for corporate service providers, which was introduced in May 2015. The Guidelines have now been updated to better guide RFAs in complying with regulatory requirements.
In updating the Guidelines, feedback was sought from RFAs as well as professional bodies including the Chartered Secretaries Institute of Singapore, Institute of Singapore Chartered Accountants, The Law Society of Singapore, Association of International Accountants (Singapore Branch) and Institute of Company Accountants Singapore. The Guidelines also include updates related to findings gleaned from ACRA’s inspection of corporate service providers.
The key updates to the Guidelines include:
- Enhancing the guidance on risk assessments of RFAs, identifying beneficial owners and other customer due diligence (CDD) measures;
- Clarifying ACRA’s expectations with regard to deferred CDD, and timeliness with regard to the filing of suspicious transactions reports;
- Providing guidance notes in relation to the Internal Policies Procedures and Control (“IPPC”) (refer to Annex A), and explaining the requirement for RFAs to customise the IPPC according to the needs of their business operations;
- Updating of suspicious indicators related to anti-money laundering and countering financing of terrorism (AML/CFT) (refer to Annex B); and
- Simplifying the Customer Acceptance Form (refer to Annex C) to make it more user-friendly.
Please click here to download the updated guidelines